Materials issued for the current month are as follows: Requisition No. Material Job No. Amount 103 Plastic 400 $29,220 104 Steel 402 38,530 105 Glue Indirect 2,120 106 Rubber 403 3,670 107 Titanium 404 88,690 Journalize the entry to record the issuance of materials. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - - Select - - Select -

Materials issued for the current month are as follows: Requisition No. Material Job No. Amount 103 Plastic 400 $29,220 104 Steel 402 38,530 105 Glue Indirect 2,120 106 Rubber 403 3,670 107 Titanium 404 88,690 Journalize the entry to record the issuance of materials. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - - Select - - Select -

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 8SPB: UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the...

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Coronado Machine Company maintains a general ledger account for each class of inventory, debiting such accounts for increases during the period and crediting them for decreases. The transactions below relate to the Raw Materials inventory account, which is debited for materials purchased and credited for materials requisitioned for use. 1. An invoice for $12,960, terms f.o.b. destination, was received and entered January 2, 2020. The receiving report shows that the materials were received December 28, 2019. 2. Materials costing $44,800, shipped f.o.b. destination, were not entered by December 31, 2019, “because they were in a railroad car on the company’s siding on that date and had not been unloaded.” 3. Materials costing $11,680 were returned to the supplier on December 29, 2019, and were shipped f.o.b. shipping point. The return was entered on that date, even though the materials are not expected to reach the supplier’s place of business until January 6, 2020. 4. An invoice for…
Calculate the cost of material available for use, cost of material issued and cost of material ending under FIFO and LIFO methods (periodic system). Also give the journal entries under each of the method. Date detail Units cost per unit Rs. Total cost Rs. Jan 1 beg inventory 20 10 200 Jan 5 Purchases 50 11 550 Jan 6 issued 30 Jan 9 Purchases 40 12 480 Jan 15 Purchases 20 13 260 Jan 20 Issued 60 Jan 28 Purchases 10 15 150
From the adjusting entries below, prepare the reversing entry(ies) that would be needed for January 1. GENERAL JOURNALPage 1 DateDescriptionPostRef. DebitCreditAdjusting EntriesDec.31Work in Process Inventory17,333.00Factory Overhead17,333.0031Interest Receivable2,367.00Interest Revenue2,367.0031Office Supplies Expense6,319.00Office Supplies6,319.0031Factory Overhead15,841.00Factory Supplies15,841.0031Bad Debt Expense4,320.00Allowance for Bad Debts4,320.0031Factory Overhead1,927.00Prepaid Insurance1,927.0031Factory Overhead6,210.00Accumulated Depreciation—FactoryBuilding6,210.0031Factory Overhead14,253.00Accumulated Depreciation—FactoryEquipment14,253.00
On decmeber 31, the trial balance indicates that the supplies account has a balance, prior to the adjusting entry,pf $320. A physical count of the supplies inventory shows that $90 of supplies remain. Analyze this adjustment for the supplies using T accounts and then formally enter this adjustment in the generaljournal.
On December 31, the trial balance indicates that the supplies account has a balance, prior to the adjusting entry, of $276. A physical count of the supplies inventory shows that $106 of supplies remain. Question Content Area Analyze this adjustment for supplies using T accounts, and then formally enter this adjustment in the general journal. (Trial balance is abbreviated as TB.) (Balance Sheet)Supplies fill in the blank fffd0eff0fe6f82_2 fill in the blank fffd0eff0fe6f82_4 Bal. fill in the blank fffd0eff0fe6f82_5 (Income Statement)Supplies Expense Adj. fill in the blank fffd0eff0fe6f82_6 Feedback Area Feedback Question Content Area If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20-- Dec. 31 Supplies Expense Supplies Expense 1 2 Supplies Supplies 2
UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--: Selected accounts and beginning balances on January 1, 20--, are as follows: REQUIRED 1. Open the three selected general ledger accounts. 2. Enter the transactions and the adjusting and closing entries in a general journal (page 6). After each entry, post to the appropriate selected accounts. 3. Determine the net realizable value as of December 31, 20--.
Question 1: Calculate the cost of material available for use, cost of material issued and cost of material ending under FIFO and LIFO methods (periodic system). Also give the journal entries under each of the method. Date Details Units Cost per unit Rs. Total Cost Rs Jan 01 Beg Inventory 20 10 200 Jan 05 Purchases 50 11 550 Jan 06 Issued 30 Jan 09 Purchases 40 12 480 Jan 15 Purchases 20 13 260 Jan 20 Issued 60 Jan 28 Purchases 10 15 150
Adjustment for Supplies On December 31, the trial balance indicates that the supplies account has a balance, prior to the adjusting entry, of $320. A physical count of the supplies inventory shows that $90 of supplies remain. Analyze this adjustment for supplies using T accounts, and then formally enter this adjustment in the general journal. (Trial balance is abbreviated as TB.) (Balance Sheet)Supplies fill in the blank d9cf920a902df9c_2 fill in the blank d9cf920a902df9c_4 Bal. fill in the blank d9cf920a902df9c_5 (Income Statement)Supplies Expense Adj. fill in the blank d9cf920a902df9c_6 Page: DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20--Dec. 31 fill in the blank 408d0d04ffc0fd3_2 fill in the blank 408d0d04ffc0fd3_3 1 2 fill in the blank 408d0d04ffc0fd3_5 fill in the blank 408d0d04ffc0fd3_6 2
The stockroom reports that $2,575 in materials were purchased for the maintenance department. If an amount box does not require an entry, leave it blank. fill in the blank 9e570d081fbaff3_2 fill in the blank 9e570d081fbaff3_3 fill in the blank 9e570d081fbaff3_5 fill in the blank 9e570d081fbaff3_6 If the driver for the application of overhead is drop-forge strokes and there are expected to be 1,000 strokes in this period, what is the rate per stroke? Round your answer to three decimal places.$fill in the blank f81cddfd7f7f016_1per stroke. Assuming that there are 1,150 drop-forge strokes in this period, apply factory overhead to Work in Process. Use the rate calculated in part (e). If an amount box does not require an entry, leave it blank. Round your answer to the nearest dollar. fill in the blank 87d95dff6f98fcf_2 fill in the blank 87d95dff6f98fcf_3 fill in the blank 87d95dff6f98fcf_5 fill in the blank 87d95dff6f98fcf_6
ACCT 1510 (W2021) Integrative Case Assignment Due Date: Feb. 9 (7 pm)Hardform Mold Shop Inc. is a company specialized in designing and building molds for theautomotive and aircraft industries. The account balances in the company’s general ledger onJanuary 1, 2020 (first day of the annual fiscal year) were as follows (all account balances are intheir normal position):Cash $ 3,700Accounts receivable 5,900Supplies inventory 29,300Land 168,500Buildings 116,500Accumulated depreciation, buildings 37,500Equipment 58,500Accumulated depreciation, equipment 18,000Accounts payable 25,200Income tax payable 16,600Interest payable 4,200Wages payable (due in 2020) 15,700Notes payable ($10,000 due June 30, 2021, balance due June 30, 2022) 61,500Common shares 151,500Retained earnings, Dec. 31, 2019 52,200Transactions during 2020:a. The company provided mold design services, all on credit, for $210,300. In addition, thecompany manufactured molds for customers for $62,300 cash.b. Accounts receivable of…
The journal entry to record the purchase of $24,110 of raw materials is a. Materials$24,110 Accounts Receivable$24,110 b. Materials$24,110 Accounts Payable$24,110 c. Inventory$24,110 Accounts Receivable$24,110 d. Inventory$24,110 Cash$24,110
P2-4A Journal Entries Taylor Manufacturing Company uses the perpetual inventory system to record transactions related to its manufacturing inventories. The following transactions occurred during March 2019: Mar: 6 Recorded the payroll: $5,000 of direct labor and $1,000 of indirect labor. 8 Received $7,000 of materials and components that had been ordered on account. 10 Completed product costing $11,000 and transferred it to the warehouse. Requisitioned $2,500 of materials for use in the factory; $2,000 was used as direct materials and the remainder was used as indirect materials. 12 Sold on account product costing $1,500 for $2,250. 15 Applied $3,000 of manufacturing overhead cost to the product currently being worked on. 21 Paid…